Accessible version Home Appliance - China (H/A) 2026 growth to be 2H-loaded; prefer Midea amid industry headwinds Price Objective Change Soft 4Q & low visibility in 1H; Midea as our top pick 4Q results in general missed across our white goods universe. We expect industry headwinds to intensify in 1H26 due to 1) tough comps in both domestic and overseas sales and 2) rising cost pressure. Nevertheless, we expect growth to pick up in 2H26, due to an easier lapping, share gains and continued cost discipline. De ...